New Resort to Rise on Sandy Beach in Puerto Rico

20 January 2005

Sixty beachfront acres in
scenic Arroyo, Puerto Rico, will become the island’s latest destination
hotel/resort, thanks to a $1,000,000 loan from Kennedy Funding, a direct
private lender based in Hackensack, New Jersey. Kennedy Funding continues its international outreach with this loan, which
is the latest project on a lengthening list that includes Fiji, the Virgin
Islands, and Mexico, as well as parts of Europe and Asia. With the banks
in many countries particularly reluctant to lend against undeveloped land,
Kennedy Funding has established a reputation as a ‘go-to’ funding source
for projects such as the one in Puerto Rico.

Arroyo is about an 80-minute drive southeast of San Juan, and 30 miles
east of the city of Ponce. The vacant land, heavily forested with coconut
palm trees, boasts 4,000 linear feet of water frontage along the South
Caribbean Sea. Overall, the 60 acres of prime agricultural land is
beautiful and lush, and the owner/developer has received preliminary
approval to rezone for use as a tourism location. The town of Arroyo is
already considered a vacation spot for native Puerto Ricans, and local
awareness is high. Transforming this parcel into a destination hotel and
resort remains both a challenge and a major opportunity.

Jeffrey Wolfer, president of Kennedy Funding, is of the opinion that
Palmas Development, LLC, has the capability and the determination to make
a success of this project. “They have a clear vision for these 60
beautiful acres, and it is the kind of forward-thinking, positive land use
that Kennedy believes in. We fund developments of this sort all over the
world, wherever we find a business that has everything in place, except
funds.”

Kennedy Funding offers loans to an increasingly wide range of borrowers,
from land-use developers to resort builders, entrepreneurs, and
businessmen. They have the resources to arrange for financing from $1
million to $100 million, making loan commitments in as little as 24 hours,
and closing quickly, often in just 2 weeks. ——-